Fix-and-Flip Loans in FL, TX, GA and SC: How to Close in 10 Days Without a Bank

If you are a real estate investor in Florida, Texas, Georgia, or South Carolina, you already know the bank’s answer before you call. The deal math works. The property qualifies. But if your personal returns show a rough year, or if your FICO sits below 680, the underwriter closes the file before you finish the sentence.

Fix-and-flip lenders work differently. Here is what you need to know.

Why Banks Cannot Fund Fix-and-Flip Deals

Conventional lenders grade the BORROWER: FICO score, two years of W-2 income, debt-to-income ratio, personal financial statements. None of those metrics reflect whether a distressed asset is a profitable trade.

A property acquired at $275,000, with a $65,000 rehab budget, against an after-repair value (ARV) of $425,000 is a solid transaction. But if your tax returns show a net loss year from a prior business venture, the bank’s algorithm flags you as high-risk before the appraiser looks at the lot.

That is not the bank being unreasonable. That is the bank using the only scorecard it has – one built for long-term mortgage borrowers, not six-month rehab cycles.

What Fix-and-Flip Lenders Actually Underwrite

Private and hard-money lenders in the fix-and-flip space underwrite three things:

• The asset: purchase price, condition, and comparable sales in the market.
• The ARV: after-repair value supported by a licensed appraisal or broker price opinion.
• The loan-to-cost (LTC) ratio: most lenders fund up to 90% of total project cost (acquisition + rehab).

Your W-2 does not enter the underwrite. Your tax returns rarely do. The question is: does this deal pencil?

That is a fundamentally different framework, and it is why experienced investors who have been doing this for a decade still use private capital over conventional mortgages for their rehab portfolio.

Typical Terms for Fix-and-Flip Loans in 2026

• Loan-to-cost: up to 90% of purchase plus rehab budget
• Loan-to-ARV: typically 65-75%
• Term: 6-18 months (interest only during rehab)
• Closing timeline: as fast as 10 days from a complete application
• Active markets: Florida, Texas, Georgia, South Carolina, and most of the Sun Belt

Funding is subject to lender approval. Rates and terms vary by deal, borrower experience, and market conditions.

The Draw Schedule: How Rehab Funds Get Released

One thing first-time fix-and-flip borrowers miss: the rehab budget is not disbursed at close. It is held in a draw account and released in stages as work is completed and inspected.

A typical draw schedule looks like this:

• Draw 1: Demo, framing, rough plumbing and electrical
• Draw 2: Insulation, drywall, HVAC rough-in
• Draw 3: Flooring, cabinets, finish electrical
• Draw 4: Paint, fixtures, landscaping, final punch list

Your lender will send an inspector before releasing each draw. Build that inspection window into your contractor schedule so you are not waiting on capital mid-project.

Who Qualifies for a Fix-and-Flip Loan?

Most fix-and-flip lenders look for:

• At least one prior flip (some lenders consider first-timers with a strong deal)
• FICO in the 620-680+ range (varies by lender)
• Deal math that supports the ARV
• A clear exit strategy: sell at resale or refinance into a DSCR rental loan

You do not need perfect credit. You need a deal that makes sense.

Apply at Slate Financial – One Application, Multiple Lenders

At Slate Financial, we match fix-and-flip investors with the right private and bridge lenders for their specific deal. Submit one application and we review it across our lender network – you see the best options without shopping lender by lender.

We work with investors across Florida, Texas, Georgia, South Carolina, and the broader Southeast. Closing timelines as short as 10 days from a complete file.

Apply in 2 minutes at slatefinancial.io/apply/fix-and-flip. Funding subject to lender approval.

The Bottom Line

The bank grades you. Fix-and-flip lenders grade the deal. If your numbers work, the capital is available – regardless of whether your personal returns impressed an underwriter last year.

Stop waiting on an institution that was never built for this product. See what your deal qualifies for at Slate Financial.

Results not typical. All funding is subject to lender underwriting and approval. Rates, terms, and LTV parameters vary by lender and transaction.